Newport Grand casino proposal delayed again by Senate panel

PROVIDENCE, R.I. — The parties who would divvy up revenue resulting from Newport Grand’s possible foray into table games remain a mystery as lawmakers are nearing the finish line of the legislative season.

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By
?Jennifer Bogdan
Posted Jun. 19, 2014 @ 8:32 pm

PROVIDENCE, R.I. — The parties who would divvy up revenue resulting from Newport Grand’s possible foray into table games remain a mystery as lawmakers are nearing the finish line of the legislative season.

As the sun set Thursday night, the Senate Finance Committee again voted to hold a bill that would ask voters to decide for a second time whether table games should be added to Newport’s slot parlor.

The vote Thursday came after a presentation by a group of investors, including former Providence Mayor Joseph Paolino, who have said they intend to buy Newport Grand if table games can be added.

“The reality of Newport Grand is the building is a tired building,” Paolino said. “The slot revenues have gone down for a number of years. Quite frankly, I can’t see for how many more years the place can … sustain itself.”

Paolino told lawmakers that the $40-million investment his buyers group would sink into the property would mean at least 35 table games added and an upgraded facility that would attract more patrons and could result in more revenue.

But when asked who would get a share of that revenue, Paolino said he didn’t know. Senate Majority Whip Maryellen Goodwin said those details are still being decided.

The answer to that question is of particular importance to Sen. Edward O’Neill, who was juggling conflicting committee schedules during the hectic last days of session. He stopped by the Senate Finance Committee room before the group convened to ensure someone would retrieve him from another committee meeting before the bill on Newport Grand was discussed.

Just prior to the hearing, O’Neill said he wasn’t sure what changes were going to be added to the legislation but was concerned that the bill might somehow negatively impact his constituency in Lincoln where Twin River, the state’s only full-scale casino, is located.

Lincoln currently does not receive a cut of the revenue from table games at Twin River, but the municipality does see a share of VLT revenue. O’Neill said he supports the addition of table games to Newport Grand but is awaiting clarification on the revenue divide.

Meanwhile, Paolino said if the bill is approved and voters support the table games measure, he expects construction on renovations to begin in 2015. He noted that work must begin quickly if the state expects to fend off the expected competition coming from Massachusetts, which has plans to add a slot parlor and three full-fledged casinos.

“Sometimes we take for granted the brand that Newport has,” Paolino said. “That can help combat what’s going to be going on in Massachusetts.”